NPORT-EX 4 NPORT_3410252081444168.htm

Quarterly Report

August 31, 2020

MFS^® Investment Grade Municipal Trust

CXH-Q3

Portfolio of Investments

8/31/20 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

Issuer			Shares/Par	Value ($)
Municipal Bonds - 153.9%
Alabama - 1.9%
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040		$	40,000	$45,811
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025			60,000	61,559
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026			95,000	80,720
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029			135,000	93,471
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034			190,000	92,551
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035			365,000	166,473
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039			140,000	145,487
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032			275,000	300,765
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044			510,000	566,115
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044			170,000	206,767
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049			100,000	120,895
				$ 1,880,614
Arizona - 2.1%
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2043		$	70,000	$63,439
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2054			75,000	65,298
Arizona Industrial Development Authority, Hospital Rev. (Phoenix Children's Hospital), “A”, 4%, 2/01/2050			135,000	153,531
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036			60,000	65,401
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041			45,000	48,598
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046			80,000	85,891
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035			70,000	73,861
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045			80,000	83,122
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047			165,000	165,378
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052			145,000	145,210
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032			795,000	1,045,902
				$ 1,995,631
Arkansas - 0.4%
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044		$	140,000	$166,691
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035			30,000	33,364
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033			50,000	55,832
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042			120,000	133,462
				$ 389,349
California - 13.1%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031		$	130,000	$110,218
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032			235,000	193,137
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033			470,000	375,469
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2040			30,000	35,226
California Educational Facilities Authority Rev. (Chapman University), 5%, 4/01/2031			135,000	137,678
California Educational Facilities Authority Rev. (Standford University), “V-1”, 5%, 5/01/2049			1,000,000	1,623,940
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038			1,220,000	1,376,526
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033			1,135,000	1,321,946
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030			40,000	45,536
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045			100,000	110,650
California State University Rev., “A”, 5%, 11/01/2037			805,000	849,895
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034			85,000	92,877
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044			245,000	263,321
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046			120,000	130,061

1

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
California - continued
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049		$	100,000	$97,884
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/2034			195,000	195,723
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030			85,000	94,524
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036			90,000	91,310
Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (w)			325,000	328,341
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (w)(z)			330,000	123,466
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036			50,000	54,477
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev., “D”, AGM, 5%, 9/01/2023			210,000	237,716
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034			35,000	37,979
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044			65,000	70,088
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2023, 5.875% to 8/01/2028			140,000	162,385
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043			355,000	381,927
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047			195,000	234,170
San Francisco, CA, City & County Airports Commission, International Airport Rev., Unrefunded Balance, “D”, 5%, 5/01/2025			715,000	735,714
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043			25,000	27,992
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/2034			710,000	723,817
State of California, 5.25%, 10/01/2028			270,000	284,221
State of California, 5.25%, 9/01/2030			645,000	676,237
State of California, 5%, 4/01/2045			770,000	974,058
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049			55,000	68,014
Upland, CA (San Antonio Community Hospital), COP, 6.5%, 1/01/2041 (Prerefunded 1/01/2021)			85,000	86,609
West Contra Costa, CA, Unified School District, “B”, NATL, 6%, 8/01/2024			155,000	172,048
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044			125,000	138,695
				$ 12,663,875
Colorado - 5.0%
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030		$	10,000	$11,756
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 (w)			41,000	49,555
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038			75,000	83,635
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037			40,000	42,432
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031			145,000	162,477
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055			685,000	846,605
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055			325,000	393,994
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050			130,000	156,360
Colorado Health Facilities Authority Hospital Rev. (Parkview Medical Center, Inc. Project), “A”, 4%, 9/01/2050			45,000	49,023
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044			145,000	160,595
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043			90,000	103,155
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044			380,000	417,445
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038			115,000	133,228
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043			245,000	279,873
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030			560,000	561,305
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2034			480,000	480,931
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035			70,000	74,905
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040			120,000	127,358
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040			140,000	149,083
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045			95,000	101,579
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2045			405,000	468,156
				$ 4,853,450

2

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Connecticut - 1.0%
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)		$	175,000	$170,011
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2029			405,000	427,194
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2030			385,000	405,851
				$ 1,003,056
Delaware - 0.8%
University of Delaware, 5%, 11/01/2040		$	500,000	$754,265
District of Columbia - 1.7%
District of Columbia Rev. (Georgetown University), BHAC, 5%, 4/01/2040 (Prerefunded 4/01/2021)		$	1,430,000	$1,470,140
Metropolitan Washington D.C. Airports Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053			175,000	192,600
				$ 1,662,740
Florida - 4.8%
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030		$	80,000	$89,425
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033			35,000	39,116
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034			60,000	67,115
Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/2043			440,000	456,377
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029			105,000	120,806
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030			105,000	120,460
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048			100,000	97,790
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046			250,000	285,585
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6.125%, 8/01/2042			50,000	50,172
Miami-Dade County, FL, Special Obligation, “B”, 5%, 10/01/2035			180,000	194,081
Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021)			175,000	188,170
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042			275,000	315,076
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049			60,000	72,063
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037			105,000	60,389
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042			175,000	81,706
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2047			200,000	76,850
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2053			120,000	36,397
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049			100,000	107,001
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026			20,000	22,458
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029			20,000	22,249
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034			40,000	44,276
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044			120,000	131,626
Tampa, FL (University of Tampa Project), 5%, 4/01/2040			85,000	95,916
Tampa, FL (University of Tampa Project), “A”, 4%, 4/01/2050			110,000	123,219
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045			980,000	392,372
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050			180,000	220,253
Tampa, FL, Sports Authority Rev. (Tampa Bay Arena), NATL, 5.75%, 10/01/2025			1,000,000	1,138,740
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037			50,000	41,486
				$ 4,691,174
Georgia - 3.8%
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2044		$	145,000	$164,652
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2049			215,000	242,636
Clayton County, GA, Development Authority, Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/2029			116,671	117,131
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 (w)			45,000	50,179

3

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Georgia - continued
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028		$	125,000	$131,486
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029			120,000	126,160
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030			75,000	78,699
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041			340,000	354,882
Fulton County, GA, Development Authority Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050			130,000	148,227
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/2027			215,000	218,283
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026			120,000	149,658
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028			250,000	323,067
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043			75,000	88,608
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056			65,000	78,334
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063			70,000	84,192
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054			320,000	373,430
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038			180,000	219,042
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039			145,000	175,882
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040			145,000	175,350
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041			290,000	349,404
				$ 3,649,302
Guam - 0.3%
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036		$	40,000	$41,235
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050			175,000	212,509
				$ 253,744
Hawaii - 0.2%
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2031		$	120,000	$127,045
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2032			80,000	84,609
				$ 211,654
Illinois - 14.2%
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024		$	132,846	$124,622
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036			360,000	345,553
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046			100,000	108,409
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046			420,000	489,665
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025			85,000	96,142
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026			30,000	34,397
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027			85,000	98,703
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028			40,000	46,920
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029			30,000	35,380
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030			20,000	23,750
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031			55,000	65,382
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030			115,000	142,237
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031			220,000	270,523
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032			190,000	232,176
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029			100,000	124,427
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046			180,000	195,338
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025			25,000	27,624
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026			120,000	134,672
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027			80,000	90,517
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028			20,000	22,739
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028			25,000	27,017
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029			215,000	246,614
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031			30,000	34,523
Chicago, IL, General Obligation, “A”, 5%, 1/01/2036			85,000	89,788
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039			70,000	77,393
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040			15,000	16,488
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044			265,000	289,592

4

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049		$	275,000	$311,248
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033			70,000	76,715
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2029			855,000	898,443
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032			70,000	76,508
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033			35,000	38,178
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043			145,000	157,490
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048			140,000	164,980
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053			75,000	87,706
Chicago, IL, O'Hare International Airport Rev., Third Lien, Unrefunded Balance, “A”, 5.625%, 1/01/2035			125,000	126,871
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029			155,000	162,482
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2030			310,000	324,647
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031			60,000	62,782
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2040			410,000	426,720
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 (w)			270,000	325,034
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047			455,000	531,854
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034			145,000	171,268
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035			145,000	170,665
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033			140,000	142,801
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043			110,000	112,032
Illinois Finance Authority Rev. (Franciscan Communities), “A”, ETM, 4.75%, 5/15/2033 (Prerefunded 5/15/2023)			20,000	22,354
Illinois Finance Authority Rev. (Franciscan Communities), “A”, ETM, 5.125%, 5/15/2043 (Prerefunded 5/15/2023)			15,000	16,916
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036			85,000	101,883
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041			120,000	142,224
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043			565,000	626,461
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035			315,000	357,682
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035			1,000,000	1,143,920
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility), 4%, 10/01/2050			170,000	186,379
Illinois Finance Authority, Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031			390,000	400,538
Illinois Metropolitan Pier & Exposition Authority (McCormick Place Expansion Project), “A”, AGM, 0%, 12/15/2056			220,000	59,631
Illinois Railsplitter Tobacco Settlement Authority Rev., 5.5%, 6/01/2023 (Prerefunded 6/01/2021)			150,000	155,967
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030			5,000	5,985
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026			55,000	64,465
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027			120,000	143,088
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028			110,000	133,265
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029			25,000	30,680
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030			55,000	68,414
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036			50,000	59,355
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037			70,000	84,491
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038			50,000	54,204
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040			30,000	32,966
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034			150,000	150,057
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042			130,000	135,213
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039			60,000	62,716
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041			45,000	44,162
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046			50,000	48,255
State of Illinois, 4.875%, 5/01/2021			25,000	25,543
State of Illinois, 5.5%, 5/01/2039			250,000	291,915
State of Illinois, 5.75%, 5/01/2045			230,000	269,811
State of Illinois, AGM, 5%, 2/01/2027			95,000	105,001
State of Illinois, “A”, 5%, 11/01/2027			325,000	372,505
State of Illinois, “A”, 4%, 12/01/2033			55,000	56,877
State of Illinois, “A”, 5%, 12/01/2024			20,000	22,072
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047			355,000	398,019
				$ 13,732,029

5

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Indiana - 1.2%
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030		$	40,000	$42,942
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039			100,000	104,834
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040			350,000	375,176
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051			295,000	335,745
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032			25,000	30,654
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033			20,000	24,408
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035			25,000	30,325
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038			75,000	90,152
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044			110,000	121,924
				$ 1,156,160
Iowa - 0.2%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044		$	170,000	$163,127
Kansas - 1.5%
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2038		$	300,000	$360,438
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2042			100,000	120,146
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036			45,000	48,717
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041			45,000	48,195
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), “A”, 5%, 9/01/2048			540,000	660,814
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040			20,000	19,741
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044			195,000	220,732
				$ 1,478,783
Kentucky - 2.0%
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032		$	35,000	$43,954
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033			35,000	43,726
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034			40,000	49,816
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037			35,000	41,296
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041			230,000	267,202
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046			135,000	155,133
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036			250,000	286,557
Kentucky Turnpike Authority, Economic Development Rev., “A”, 5%, 7/01/2030			1,000,000	1,029,690
				$ 1,917,374
Louisiana - 2.0%
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031		$	470,000	$478,300
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045			240,000	249,453
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046			345,000	326,860
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040			65,000	74,582
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045			185,000	211,862
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045			85,000	96,846
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022)			480,000	500,957
				$ 1,938,860
Maine - 0.2%
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050		$	210,000	$238,501
Maryland - 0.8%
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038		$	10,000	$9,107
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048			20,000	16,962
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058			70,000	56,954
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033			100,000	115,398
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034			65,000	74,604

6

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Maryland - continued
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038		$	280,000	$313,021
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048			100,000	105,120
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037			10,000	10,083
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042			15,000	14,782
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047			15,000	14,438
				$ 730,469
Massachusetts - 17.7%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/2036		$	285,000	$294,761
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029			350,000	479,545
Massachusetts College Building Authority Project Rev., “A”, 5%, 5/01/2031			190,000	214,109
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039			35,000	41,631
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049			30,000	32,350
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053			690,000	820,141
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043			40,000	42,926
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057			100,000	106,237
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033			35,000	40,437
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034			30,000	34,494
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036			120,000	137,127
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038			80,000	91,629
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044			1,675,000	1,779,135
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044			35,000	40,277
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/2043			1,000,000	1,114,360
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033			75,000	76,099
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u)			9,855,000	9,999,376
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/2029			155,000	163,565
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037			35,000	37,157
Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041			40,000	41,641
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/2032			720,000	758,707
Massachusetts Water Resources Authority Rev., “B”, AGM, 5.25%, 8/01/2029			600,000	831,732
				$ 17,177,436
Michigan - 6.7%
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043		$	65,000	$72,794
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039			460,000	502,426
Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036			25,000	26,000
Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041			30,000	31,199
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047			430,000	454,699
Michigan Building Authority Rev., “I”, 4%, 10/15/2049			100,000	114,870
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023			50,000	51,790
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024			65,000	68,240
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047			570,000	717,151
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 3.25%, 11/15/2042			570,000	589,574
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), “A”, 4%, 11/15/2050			200,000	224,918
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2035			750,000	794,820
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048			150,000	182,585
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033			65,000	76,458
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034			150,000	176,133
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035			100,000	117,217
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-1”, 5%, 7/01/2044 (Prerefunded 7/01/2022)			175,000	190,173
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-6”, 5%, 7/01/2033			220,000	250,323

7

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Michigan - continued
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-2”, 5%, 7/01/2044 (Prerefunded 7/01/2022)		$	135,000	$146,314
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034			65,000	76,324
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039			545,000	604,694
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040			570,000	665,093
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038			105,000	132,813
Wayne County, MI, School District of the City of Detroit, ”A“, 5%, 5/01/2040			190,000	238,887
				$ 6,505,495
Minnesota - 0.4%
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043		$	60,000	$65,800
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043			105,000	121,406
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048			60,000	65,375
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048			85,000	97,780
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038			520	520
				$ 350,881
Mississippi - 0.2%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040		$	90,000	$105,300
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050			50,000	57,351
				$ 162,651
Missouri - 1.8%
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049		$	355,000	$425,254
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055			215,000	256,366
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046			630,000	746,222
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039			55,000	63,030
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031			205,000	230,527
				$ 1,721,399
Nebraska - 0.1%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036		$	105,000	$142,532
Nevada - 1.0%
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040		$	90,000	$104,574
Las Vegas Valley, NV, Water District, “C”, 5%, 6/01/2029			755,000	779,900
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033			5,000	6,057
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038			5,000	5,955
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048			20,000	21,744
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058			25,000	27,250
				$ 945,480
New Hampshire - 0.7%
National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034		$	270,124	$291,553
New Hampshire Health & Education Facilities Authority Rev. (Dartmouth-Hitchcock Obligated Group), “A”, 5%, 8/01/2059			70,000	102,860
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031			100,000	119,600
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036			105,000	123,547
				$ 637,560

8

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
New Jersey - 3.2%
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2032		$	85,000	$103,274
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2037			80,000	95,491
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029			30,000	35,481
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027			40,000	45,047
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028			40,000	44,283
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043			225,000	247,282
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031			115,000	129,144
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039			70,000	77,826
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042			35,000	38,781
New Jersey Economic Development Authority Rev., School Facilities Construction, “DDD”, 5%, 6/15/2034			55,000	62,965
New Jersey Economic Development Authority Rev., School Facilities Construction, “DDD”, 5%, 6/15/2035			40,000	45,662
New Jersey Economic Development Authority Rev., School Facilities Construction, “DDD”, 5%, 6/15/2042			240,000	271,685
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030			155,000	160,763
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042			150,000	171,117
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046			360,000	402,113
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039			230,000	231,879
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035			550,000	676,335
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029			150,000	174,289
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031			100,000	114,906
				$ 3,128,323
New Mexico - 0.0%
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040		$	15,000	$16,824
New York - 13.5%
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2050		$	205,000	$235,260
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045			305,000	329,376
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2025			130,000	134,343
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2026			95,000	98,075
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/2047 (Prerefunded 2/15/2021)			215,000	220,407
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047			135,000	138,120
Monroe County, NY, Industrial Development Corporation Rev. (University of Rochester Project), “A”, 4%, 7/01/2050			625,000	722,237
New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041			255,000	262,469
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035			1,725,000	2,402,011
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2031			200,000	209,562
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2044			500,000	523,820
New York Power Authority Rev., “A”, 5%, 11/15/2038			1,000,000	1,054,350
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031			320,000	351,869
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032			120,000	131,316
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036			100,000	100,981
New York, NY, City Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037			140,000	166,723
New York, NY, City Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038			175,000	207,659
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 5%, 6/15/2047 (Prerefunded 6/15/2023)			470,000	531,805
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “GG-1”, 4%, 6/15/2050			360,000	420,271
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., Unrefunded Balance, 5%, 6/15/2047			530,000	590,934
New York, NY, The Trust for Cultural Resources (Lincoln Center For The Performing Arts, Inc.), “A”, 4%, 12/01/2035			70,000	81,913
New York, NY, Transitional Finance Authority Future Tax Secured Rev., “A”4, 4%, 11/01/2038 (w)			265,000	313,916
Port Authority of NY & NJ (218 Series), 5%, 11/01/2036			220,000	273,733
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055			470,000	522,659
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2036			195,000	197,369
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2042			225,000	227,734

9

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
New York - continued
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/2029		$	1,125,000	$934,549
Utility Debt Securitization Authority Restructuring Rev., NY, “E”, 5%, 12/15/2041			1,500,000	1,695,405
				$ 13,078,866
North Carolina - 4.4%
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023)		$	332,968	$373,510
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052			330,000	372,847
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/2036			2,000,000	2,066,660
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036			500,000	623,430
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039			105,000	117,408
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2045			490,000	753,135
				$ 4,306,990
Ohio - 5.4%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036		$	90,000	$114,838
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2038			60,000	69,814
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048			185,000	204,316
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055			940,000	1,032,393
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057			1,825,000	264,716
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 11/01/2040 (Prerefunded 11/01/2020)			105,000	105,955
Cleveland-Cuyahoga County, OH, Port Authority Development Rev. (Flats East Development Project), “B”, 7%, 5/15/2040			95,000	95,451
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047			220,000	239,149
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057			580,000	668,514
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047			160,000	178,539
Lake County, OH, Hospital Facilities Rev., 6%, 8/15/2043			40,000	40,118
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049			405,000	484,376
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 (w)			90,000	98,438
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047			50,000	56,790
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035			395,000	453,586
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040			35,000	35,278
Toledo Lucas County, OH, Authority Port Rev., Facilities (CSX, Inc. Project), 6.45%, 12/15/2021			1,000,000	1,070,260
				$ 5,212,531
Oklahoma - 0.3%
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028		$	15,000	$14,618
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045			25,000	29,544
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029			5,000	6,084
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033			35,000	41,498
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038			50,000	58,231
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043			30,000	35,140
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048			50,000	58,370
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045			55,000	61,589
				$ 305,074
Oregon - 0.4%
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036		$	95,000	$102,159
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050			260,000	297,627
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040			20,000	24,517
				$ 424,303
Pennsylvania - 10.6%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044		$	600,000	$664,506
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032			70,000	87,579
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033			60,000	74,636
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034			30,000	37,183

10

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029		$	80,000	$86,143
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048			20,000	21,762
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045			20,000	21,070
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030			25,000	25,722
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035			35,000	35,750
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039			35,000	35,533
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046			20,000	20,221
Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2034			30,000	38,055
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050			720,000	821,621
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049			275,000	305,715
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/2043			900,000	1,012,527
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036			940,000	643,627
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059			35,000	42,440
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044			80,000	87,920
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049			70,000	76,461
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045			80,000	94,527
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050			90,000	91,013
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/2032			245,000	249,562
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 4%, 5/01/2050			505,000	572,579
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028			140,000	150,367
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044			70,000	86,020
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049			615,000	694,347
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/2033			180,000	180,423
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/2043			140,000	140,316
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043			100,000	107,690
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035			65,000	76,665
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042			645,000	748,316
Philadelphia, PA, School District, “A”, 4%, 9/01/2039			100,000	114,821
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 1/01/2036			1,000,000	1,011,840
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 11/01/2050			750,000	947,175
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028			275,000	276,449
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032			30,000	41,563
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033			20,000	28,088
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035			10,000	11,832
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044			70,000	87,604
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044			65,000	72,242
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046			105,000	116,411
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048			70,000	77,500
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2050			65,000	71,834
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030			30,000	31,628
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035			35,000	36,382
				$ 10,255,665
Puerto Rico - 10.7%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, AGM, 5%, 7/01/2028		$	150,000	$150,994
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2029			50,000	55,267
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032			300,000	301,881
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029			20,000	20,146

11

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038		$	990,000	$1,026,927
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AGM, 5.25%, 7/01/2041			155,000	166,740
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035			165,000	168,290
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030			145,000	154,584
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031			120,000	127,271
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AGM, 5.25%, 7/01/2036			370,000	400,640
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033			145,000	148,684
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035			440,000	458,718
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2021			45,000	45,558
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030			65,000	65,469
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031			375,000	375,124
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)			10,000	6,875
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)			25,000	17,219
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)			10,000	6,888
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)			35,000	24,106
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d)			15,000	10,313
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)			15,000	10,313
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)			70,000	48,038
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 5.25%, 7/01/2022			115,000	117,180
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 4.75%, 7/01/2033			20,000	20,137
Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2022			45,000	45,216
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)			60,000	41,250
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)			10,000	6,875
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d)			685,000	470,937
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022			30,000	30,186
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2025			25,000	25,687
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2029			125,000	128,454
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030			205,000	210,484
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032			25,000	25,658
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)			10,000	6,900
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)			25,000	17,219
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)			575,000	395,312
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)			30,000	20,663
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)			90,000	61,987
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026			320,000	330,400
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2021			40,000	40,394
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021			10,000	9,982
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022			50,000	50,305
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026			10,000	9,975
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027			155,000	154,602
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031			55,000	54,870
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032			55,000	54,259
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036			55,000	52,827
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042			45,000	44,174
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023			220,000	233,994
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024			140,000	150,648
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028			60,000	65,264
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027			15,000	15,106

12

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036		$	35,000	$35,138
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035			315,000	334,388
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2027			125,000	128,246
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2028			25,000	25,649
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040			29,000	30,812
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058			1,816,000	1,934,403
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040			270,000	282,828
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053			1,000	1,034
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058			32,000	33,626
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027			51,000	43,265
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031			550,000	404,684
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033			524,000	354,528
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046			272,000	77,689
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025			30,000	30,244
				$ 10,397,524
Rhode Island - 0.1%
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037		$	135,000	$135,995
South Carolina - 2.6%
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/2038		$	1,000,000	$1,115,010
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048			270,000	313,808
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043			215,000	237,246
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043			515,000	568,287
South Carolina Public Service Authority Rev., “C”, 5%, 12/01/2036			260,000	271,411
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045			30,000	34,121
				$ 2,539,883
Tennessee - 3.4%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045		$	820,000	$911,750
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044			15,000	16,613
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044			25,000	30,103
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049			10,000	11,926
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030			50,000	59,311
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036			60,000	69,521
Metropolitan Government of Nashville & Davidson County, TN, Electric Rev., “A”, 5%, 5/15/2036			1,000,000	1,029,360
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034			5,000	5,560
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039			10,000	10,914
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022			205,000	223,889
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026			610,000	758,767
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2025			185,000	218,391
				$ 3,346,105
Texas - 9.2%
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045		$	100,000	$113,514
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042			330,000	345,962
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/2040 (Prerefunded 12/01/2020)			100,000	101,445
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/2045 (Prerefunded 12/01/2020)			70,000	71,033
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/2039			155,000	177,424
Dallas and Fort Worth, TX, International Airport Rev., “A”, 5%, 11/01/2038			335,000	337,583
Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034			465,000	466,748
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028			250,000	250,130
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035			60,000	71,389
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036			105,000	124,391
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037			140,000	165,292

13

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Texas - continued
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038		$	120,000	$141,230
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031			90,000	95,211
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032			20,000	21,085
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033			40,000	42,069
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041			70,000	30,722
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046			175,000	58,965
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030			100,000	103,569
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031			140,000	148,812
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023			140,000	140,419
Matagorda County, TX, Navigation District No. 1 (Houston Lighting), AAC, 5.125%, 11/01/2028			2,000,000	2,523,780
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031			15,000	15,159
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036			80,000	71,317
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2046			160,000	155,690
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2051			185,000	173,406
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030			25,000	29,429
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035			30,000	35,315
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047			65,000	76,516
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042			150,000	161,778
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)			275,000	275,096
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n)			100,000	99,093
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046			160,000	174,549
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035			60,000	62,532
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040			70,000	72,291
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054			530,708	517,478
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044			60,000	62,443
Texas Gas Acquisition & Supply Corp. III., Gas Supply Rev., 5%, 12/15/2031			135,000	143,992
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038			115,000	132,045
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043			95,000	108,243
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057			165,000	189,239
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037			20,000	10,554
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038			10,000	4,994
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039			15,000	7,095
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040			15,000	6,700
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041			30,000	12,659
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042			40,000	15,966
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043			35,000	13,232
Waco Education Finance Corp. Rev. (Baylor University), 5%, 3/01/2043			675,000	722,358
				$ 8,879,942
Utah - 0.6%
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043		$	265,000	$315,472
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047			165,000	175,707
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2039			10,000	12,220
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2044			10,000	12,066

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Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds - continued
Utah - continued
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049		$	20,000	$23,987
				$ 539,452
Virginia - 0.7%
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043		$	165,000	$172,002
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037			145,000	182,307
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042			275,000	288,390
				$ 642,699
Washington - 1.0%
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033		$	80,000	$89,522
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038			100,000	110,099
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048			195,000	210,682
King Country, WA, Public Hospital District No. 2 (EvergreenHealth), “A”, 4%, 12/01/2045			205,000	229,799
Seattle, WA, Port Rev., 4%, 4/01/2044			60,000	64,565
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055			225,000	279,430
Washington Higher Education Facilities Authority Rev. (Seattle University Project), 4%, 5/01/2050			30,000	32,877
				$ 1,016,974
Wisconsin - 2.0%
Public Finance Authority Wisconsin Healthcare Facilities Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045		$	20,000	$22,294
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048			700,000	770,868
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022			30,000	30,950
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028			95,000	99,091
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042			60,000	61,996
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049			700,000	767,494
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037			25,000	26,585
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042			10,000	10,559
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047			100,000	105,000
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052			15,000	15,706
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044			15,000	17,494
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054			20,000	23,122
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058			20,000	23,028
				$ 1,974,187
Total Municipal Bonds				$ 149,208,928
Bonds – 0.1%
Consumer Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NATL, 0%, 2/15/2045  (n)		$	17,015	$5,464
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NATL, 0%, 2/15/2033  (n)			120,000	66,176
Total Bonds				$ 71,640
Other Assets, Less Liabilities - (3.7)%				(3,575,504)
Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value (issued by the fund) - (50.3)%				(48,750,000)
Net assets applicable to common shares - 100.0%				$ 96,955,064

(a)	Non-income producing security.
(d)	In default.

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Portfolio of Investments (unaudited) – continued

(n)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $615,840, representing 0.6% of net assets applicable to common shares.
(u)	Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(w)	When-issued security.
(z)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

Restricted Securities	Acquisition Date	Cost	Value
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061	8/28/20	$123,473	$123,466
% of Net assets applicable to common shares			0.1%

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
BAM	Build America Mutual
BHAC	Berkshire Hathaway Assurance Corp.
CALHF	California Health Facility Construction Loan Insurance Program
COP	Certificate of Participation
ETM	Escrowed to Maturity
GNMA	Government National Mortgage Assn.
NATL	National Public Finance Guarantee Corp.
PSF	Permanent School Fund

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

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Supplemental Information

8/31/20 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2020 in valuing the fund's assets or liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$149,208,928	$—	$149,208,928
U.S. Corporate Bonds	—	71,640	—	71,640
Total	$—	$149,280,568	$—	$149,280,568

For further information regarding security characteristics, see the Portfolio of Investments.

(2) Impacts of COVID-19

The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. This pandemic, the full effects of which are still unknown, has resulted in substantial market volatility and may have adversely impacted the prices and liquidity of the fund's investments and the fund's performance.

17